Historic Triplex with Rooftop
For Sale
$699,999
3619 21 Burgundy St, New Orleans, LA 70117
Three-unit property with gated access, private outdoor areas, and a two-bay garage.
Property Size3,788 SF
Price / SF$184.79
Days on Market21
Property Features for 3619 21 Burgundy St
General Information
Standard status
Active
Size
3,788 SF
Total Parking Spaces
2
Property subtype
Multi-Family
Units
Unit Mix
1 x 3BR/1.5BA, 1 x 1BR/1BA, 1 x 2BR/1BA
Multifamily Units
3
Amenities
deck
private outdoor spaces
Building Details
Year Built
1920
Buildings
1
Listing Agency:
Crescent City Living, LLC
(504) 258-8785
Listed By:
Sarah Katko · License #995709880
Source:
Dominionplace
Added: Aug 12
Changed: Aug 29
Last Checked: Aug 31 at 7:01PM
Displayed information is deemed reliable but is not guaranteed and should be independently verified. All listing content including descriptions, pricing, images are the copyrighted material of Crescent City Living, LLC
Investment Insights
Based on property information with market context.
Built in 1920, this 3,788-square-foot triplex includes one upper-level residence and two units below. The upstairs layout offers three bedrooms, 1.5 bathrooms, central heat and air, heart-pine flooring, detailed molding, fireplace mantels, and direct access to a nearly 1,000-square-foot deck above the garage. The lower-level residences include one 1-bedroom, 1-bathroom unit and one 2-bedroom, 1-bathroom unit, each with its own outdoor area.
All three residences are reached through a gated landing. The property also includes a two-bay garage and is located at 3619 21 Burgundy St in New Orleans’ historic Bywater neighborhood. Its documented past includes use as a pharmacy and a connection to music and film recordings, with interviews recorded there now held by the Smithsonian.
All three residences are reached through a gated landing. The property also includes a two-bay garage and is located at 3619 21 Burgundy St in New Orleans’ historic Bywater neighborhood. Its documented past includes use as a pharmacy and a connection to music and film recordings, with interviews recorded there now held by the Smithsonian.
Key Highlights
- 3,788‑square‑foot triplex built in 1920
- Unit mix includes 3‑bedroom, 1.5‑bath; 1‑bedroom, 1‑bath; and 2‑bedroom, 1‑bath residences
- Nearly 1,000‑square‑foot deck above a two‑bay garage
Financial Insights
Estimated NOI and Cap Rate
NOI = area × lease_rate × (100 − vacancy) / 100 × (1 − expense_ratio). Net Operating Income — what the owner takes home each year before mortgage payments and income tax. Effective rent (asking rent minus vacancy losses) minus operating costs (taxes, insurance, maintenance, management).
NOI / Yr
$47,966
Cap rate = NOI / list price × 100. Capitalization rate — annual return on a fully cash purchase, before financing. NOI divided by price. Higher means more income per dollar invested, but usually also more risk or older condition. 5–8% is typical for stabilized commercial property; double digits often signal distressed deals.
Cap Rate
6.85%
Suggested Prices Based on Cap Rates
Cap rates vary significantly by property type, market, and asset quality.
Typical U.S. stable-market ranges:
Multifamily — 4.5% to 6.5% (Class A in primary markets often sub-5%; Class C in secondary markets 6%+)
Industrial / Logistics — 5.0% to 7.0% (compressed heavily in recent years due to e-commerce demand)
Office — 6.5% to 9%+ (wide spread post-2020; CBD Class A vs. suburban Class B varies dramatically)
Retail — 5.5% to 8.5% (grocery-anchored on the low end, unanchored strip centers higher)
Hospitality / Hotels — 7.5% to 10%+ (higher due to operational risk)
Self-Storage — 5.5% to 7.5%
Medical Office — 6.0% to 7.5%
Net Lease (single tenant, credit) — 5.0% to 7.0% depending on tenant credit and lease term
Rules of thumb:
Primary markets (NYC, SF, LA, Boston, DC) trade at lower cap rates than secondary/tertiary markets, often by 100–200 bps (bps, aka basis points; 1 bp = 0.01%).
Class A assets trade ~50–150 bps tighter than Class B, and Class B tighter than Class C.
Cap rates move inversely with price — a lower cap rate means a higher price for the same NOI.
Spread to the 10-year Treasury is a common benchmark; historically 200–400 bps over the 10-year.
Cap Rate 5%
$959,320
$959.3K
Cap Rate 7%
$685,229
$685.2K
Cap Rate 9%
$532,956
$533.0K
Market Conditions
NOI Build-Up for 3,788 SF
Vacancy — income lost from leasable area expected to sit empty during the year, subtracted from gross rent.
EGI (Effective Gross Income) — gross rent minus vacancy losses, the realistic income before paying operating costs.
OpEx (Operating Expenses) — recurring costs to operate the property (property tax, insurance, utilities, maintenance, management); excludes financing and capital improvements.
NOI (Net Operating Income) — income a property generates after operating costs but before financing and taxes.
Gross rent
$75.0K $19.80/SF
− Vacancy
−$6.5K −$1.71/SF
EGI
$68.5K $18.09/SF
− OpEx
−$20.6K −$5.43/SF
NOI
$48.0K $12.66/SF
Area
New Orleans, LA
Vacancy
8.64%
Lease Rate
$19.80 /SF/Yr
Expense Ratio
30.00%
Simulate Cap Rate and NOI
Suggested Prices Based on Cap Rates
Cap rates vary significantly by property type, market, and asset quality.
Typical U.S. stable-market ranges:
Multifamily — 4.5% to 6.5% (Class A in primary markets often sub-5%; Class C in secondary markets 6%+)
Industrial / Logistics — 5.0% to 7.0% (compressed heavily in recent years due to e-commerce demand)
Office — 6.5% to 9%+ (wide spread post-2020; CBD Class A vs. suburban Class B varies dramatically)
Retail — 5.5% to 8.5% (grocery-anchored on the low end, unanchored strip centers higher)
Hospitality / Hotels — 7.5% to 10%+ (higher due to operational risk)
Self-Storage — 5.5% to 7.5%
Medical Office — 6.0% to 7.5%
Net Lease (single tenant, credit) — 5.0% to 7.0% depending on tenant credit and lease term
Rules of thumb:
Primary markets (NYC, SF, LA, Boston, DC) trade at lower cap rates than secondary/tertiary markets, often by 100–200 bps (bps, aka basis points; 1 bp = 0.01%).
Class A assets trade ~50–150 bps tighter than Class B, and Class B tighter than Class C.
Cap rates move inversely with price — a lower cap rate means a higher price for the same NOI.
Spread to the 10-year Treasury is a common benchmark; historically 200–400 bps over the 10-year.
Cap Rate 5%
$959,320
Cap Rate 7%
$685,229
Cap Rate 9%
$532,956
Alternative Uses
Best Use
Multifamily LT 5
$685.2K
$599.6K – $799.4K
NOI $47,966 @ 7.0% cap · market cap 6.85%
Second Best
Apartment 5plus
$629.8K
$551.1K – $734.8K
NOI $44,088 @ 7.0% cap · market cap 6.30%
Theoretical Best
Office A
$962.8K
$842.4K – $1.12M
NOI $67,395 @ 7.0% cap · market cap 9.63%
Zoning and permitted uses should be independently verified with authorities.
Property Analytics
Current Use
Lease Details
3
Residential units
Location Intelligence
Trade Area within ½ mile
1,033
Businesses Nearby
Explore this area
Business Placement
Demographics for 70117, LA
28,528
Population
15,821
Households
1.8
Avg Household Size
38
Median Age
35%
College-Educated
89%
High-School Grad
5.5 sq mi
ZIP Area
5,187
Density / Sq Mi
$41,645
Median Household Income
$31,744
Median Earnings
$1,191
Median Rent
$247,600
Median Home Value
Market
Vacancy Rate% for Multifamily in South region
Questions? Ask Rey
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Frequently Asked Questions
What type of property is this?
Triplex - Three-unit property with gated access, private outdoor areas, and a two-bay garage.
Where is this triplex located?
The property is located at 3619 21 Burgundy St New Orleans, LA.
What is the asking price?
The asking price for this property is $699,999.
What are key features of this property?
This property features: 3,788‑square‑foot triplex built in 1920; Unit mix includes 3‑bedroom, 1.5‑bath; 1‑bedroom, 1‑bath; and 2‑bedroom, 1‑bath residences; Nearly 1,000‑square‑foot deck above a two‑bay garage
